Saturday, January 31st-0.7°C
24736
24977

Brent crude falls 1% on renewed supplies from Libya; weak sanctions on Russia

The price of U.S. oil inched slightly higher Monday but global oil fell more than one per cent on expectations of increased exports from Libya.

Benchmark West Texas Intermediate crude for June delivery rose 24 cents to close at US$100.84 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark used to price oil used by many U.S. refineries, fell $1.46, or 1.3 per cent, to close at US$108.12 in London.

Brent fell on news that Libya would soon resume exports from a 70,000 barrel-per-day terminal that had been occupied by rebels. Libya has struggled to deliver steady oil exports in the three years since the ouster of former leader Moammar Gadhafi. Libya's exports are roughly 220,000 barrels a day, down from 1.4 million barrels a day a year ago.

Energy analyst Jim Ritterbusch said in a research note Monday that U.S. and European sanctions against Russia over its involvement in the turmoil in Ukraine appeared to be less strict that oil traders had expected, further pushing oil prices down.

Still, analysts say prices remained higher than they would otherwise be because of fears that sanctions against Russia would disrupt supplies of that country's oil and gas. Global supplies are ample, and demand growth is weak.

"Growth in demand is so far unable to match, let alone outpace, the increasing oil supply," said Fawad Razaqzada of Forex.com in London.

In other energy futures trading on the Nymex, wholesale gasoline fell four cents to close at US$2.986 a U.S. gallon (3.79 litres), heating oil fell 3.6 cents to close at US$2.945 a gallon and natural gas rose 14 cents to close at US$4.79 per 1,000 cubic feet.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)

The Canadian Press


Read more Business News

24909


Recent Trending




Today's Market
S&P TSX14673.48+37.521
S&P CDNX676.81+9.70
DJIA17164.95-251.90
Nasdaq4635.24-48.167
S&P 5001994.99-26.26
CDN Dollar0.7856-0.0067
Gold1286.60-5.10
Oil49.60+3.16
Lumber322.50+0.70
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.400.00
Cantex0.035-0.005
Anavex Life Sciences0.174-0.006
Metalex Ventures0.040.00
Russel Metals23.42-0.16
Copper Mountain Mining0.99+0.01
Colorado Resources0.150.00
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.050.00
Mission Ready Services0.2350.00

 



23015

FEATURED Property
21411934304 June Springs Road
4 bedrooms 3 baths
$919,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_








Member of BC Press Council


24975